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MARC Ratings has assigned preliminary ratings to Bank Muamalat Malaysia Berhad’s proposed Sukuk Wakalah programme of up to RM5.0 billion as follows:• Senior Sukuk Wakalah at A+IS • Tier-2 Subordinated Sukuk Wakalah at A-IS • Additional Tier-1 Sukuk Wakalah (AT-1 Sukuk Wakalah) at BBBIS Concurrently, the rating agency has affirmed its financial institution (FI) ratings of A+/...
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MARC Ratings has affirmed its AAAIS rating on Aman Sukuk Berhad’s (Aman) Islamic Medium-Term Notes (IMTN) Programme of up to RM10.0 billion with a stable outlook. The total outstanding amount under the programme stood at RM2.25 billion as at end-July 2023.The rating affirmation reflects the credit strength of the Malaysian government as the sole obligor of the annual sublease rental payments, th...
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MARC Ratings has affirmed its ratings of MARC-1IS and A+IS on George Kent (Malaysia) Berhad’s (George Kent) RM100.0 million Islamic Commercial Papers (ICP) Programme and RM500.0 million Islamic Medium-Term Notes (IMTN) Programme, subject to a combined limit of RM500.0 million. The ratings outlook is stable. The affirmed ratings continue to reflect George Kent’s strong liquidity position, ...
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MARC Ratings has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) outstanding sukuk of RM3.4 billion with a stable outlook. The affirmed rating is driven by the strength of Southern Power’s 21-year power purchase agreement (PPA) under which demand, and fuel price risks are allocated to offtaker Tenaga Nasional Berhad (AAA/Stable). The rating is moderated b...
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MARC Ratings has affirmed its A+IS rating on JB Cocoa Sdn Bhd’s (JB Cocoa) Islamic Medium-Term Notes (Sukuk Wakalah) programme of up to RM500.0 million with a stable outlook. JB Cocoa is a wholly-owned key manufacturing subsidiary of Singapore-based JB Foods Limited which has provided a corporate guarantee to the programme. Accordingly, the rating assessment considers the consolidated credit pro...
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MARC Ratings has affirmed its ratings of AAAIS(cg) /MARC-1IS(cg) on F&N Capital Sdn Bhd’s Islamic Medium-Term Notes (IMTN) and Islamic Commercial Papers (ICP) programmes with a combined limit of up to RM3.0 billion. The ratings outlook is stable. The ratings reflect the credit strength of Fraser & Neave Holdings Bhd (F&NHB), as the parent unconditionally and irrevocably guarantees th...
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MARC Ratings has affirmed its long-term and short-term financial institution (FI) ratings of AAA/MARC-1/Stable on Islamic Development Bank (IsDB). Concurrently, MARC Ratings has affirmed the rating of AAAIS on the Sukuk Wakalah programme of up to RM400 million issued by Tadamun Services Berhad, a trust established by IsDB. The affirmed FI ratings continue to be driven by IsDB’s status as a ...
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MARC Ratings has affirmed its rating of AA-IS on Guan Chong Berhad’s (GCB) Sukuk Wakalah Programme of up to RM800.0 million with a stable outlook. The outstanding under the programme currently stands at RM600.0 million. GCB's established market position in the midstream cocoa supply chain — as the largest cocoa grinder in Asia and fourth in the world — and its strong operational track r...
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MARC Ratings has affirmed its AAAIS rating on Putrajaya Bina Sdn Bhd’s (PBSB) RM1.58 billion Sukuk Wakalah Programme. The rating outlook is stable. The rating affirmation is premised on the quantum of the periodic payment streams from the Malaysian government (AAA/Stable) in the form of availability charges (AC) that is deemed sufficient to meet the financial obliga...
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MARC Ratings has affirmed its ratings on Putrajaya Holdings Sdn Bhd’s (PJH) outstanding issuances as follows: RM1.0 billion 20-year Sukuk Wakalah Programme (due 2041) at AAAISRM370.0 million Sukuk Musharakah Programme (due 2030) at AAAISRM3.0 billion Sukuk Musharakah Programme (due 2032) at AAAIS; andRM1.5 billion Sukuk Musharakah Medium-Term Notes (MTN) Programme (due 2033) at AAAIS.T...
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